The growth of social media also spurred the emergence of innovative platforms to promote hybrid and online networking which is fueling the growth of the global queue management system market.
According to the latest Arizton's market research report, the global queue management system market to be valued at around USD 671 million by 2025, growing at a CAGR of close to 6% during the forecast period.
Global Queue Management System Market Growth
Smartphones are often cited as a gateway for new products. Wavetec, one of the prominent vendors in the global queue management system market, has developed a leading queueing system integrated with WhatsApp. The growth of social media also spurred the emergence of innovative platforms to promote hybrid and online networking which is fueling the growth of the global queue management system market. Rising opportunities due to the emerging from the COVID-19 outbreak have been grabbed by vendors operating in the global queue management system market. Sensing the high demand for physical distancing across sectors, vendors in the global market are looking to capitalize on the demand during the forecast period.
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Adoption of AI
In recent years, technologies have evolved tremendously with the biggest change is the introduction of artificial intelligence to consumers and businesses. Automation can replace humans when it comes to a repetitive and predictable task, where AI can use reason to mimic the thoughts of people. Millennials value innovation, and tech-friendly solutions play a vital role in their lifestyles. Seeking the rising potential of AI, companies specializing in queue management system are also adopting the technology. AI has entered a new stage to become fully commercialized, exerting different impacts on players of traditional industries and driving changes in ecosystems.
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- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product, deployment, end-users, and geography
- Competitive Landscape – 2 Key Company Profiles and 23 Other Prominent Vendors
Global Queue Management System Market – Geographic Analysis
Many domestic players in the global queue management system market are expected to expand their presence worldwide during the forecast period due to the push provided by COVID-19, especially in fast-developing countries in APAC and Latin America to gain more market share. The growing middle-class population in APAC is a driving factor of the global queue management system market growth in the region. The queue management system market is expected to be influenced by the increasing penetration of smartphones and rapid urbanization. When smartphones were launched a decade and a half ago, their premium pricing made them unaffordable for the middle-class population.
International players are increasing their footprints in the global queue management system market, regional vendors are finding difficulty to compete with them. Competition among the players is mostly in terms of features such as quality, quantity, innovation, and price. Arizton believes that international players can grow inorganically by acquiring regional or local players in the future. The global queue management system market is fragmented due to the presence of local as well as international players. The players must develop innovative technology and abreast of the upcoming technologies to gain competitive advantage over their rivals.
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